(1) Subject to ORS 295.002 (Deposit of public funds), 295.015 (Maintenance of securities by depository) and 295.018 (Increase in required collateral of depository), a depository may offer in writing to accept from the State Treasurer time deposits in an unlimited amount or in an aggregate amount stated in the offer and to pay interest on the time deposits at rates specified in the offer. The offer shall continue until the depository delivers or mails, by registered or certified mail, notice to the State Treasurer that modifies or withdraws the offer. While the offer continues in effect, the depository must accept in accordance with the terms of the offer time deposits tendered by the State Treasurer.
(2) Funds the State Treasurer deposits on a time basis must be deposited at the highest rate of interest available for the amount and term of the deposit.
(3) The State Treasurer shall establish time deposits so as to make the deposited moneys as productive as possible, and shall exercise the judgment and care that a person of prudence, discretion and intelligence exercises in the management of the persons own affairs, considering the probable income and the probable safety of the moneys deposited and considering the distribution of the deposits among depositories so as to minimize the possibility of loss of moneys. [Formerly 295.115; 2010 c.101 §21]